A New York investment firm has put a majority of its Chicago Fulton Market District properties up for sale.
CLK Properties, which hired brokerage SVN Chicago Commercial to sell the five properties, is hoping to take advantage of the neighborhood’s new resiliency after the Covid-19 pandemic fallout, Crain’s Chicago Business reported.
The listing, which could fetch bids as high as $35 million, includes four small buildings, totaling almost 77,000 square feet, and a surface parking lot. Two of the buildings run along Fulton Street and all of the properties are located within the bounds of North Racine Avenue, North Aberdeen Street, West Kinzie Street and West Washington Boulevard.
Multiple office properties in the Fulton Market area have signed a number of new tenants recently, including Kimberly-Clark, Calamos Investments, TikTok and Hazel Technologies. They followed other corporate giants, such as Google and McDonald’s, who moved to the area.
CLK bought three of the buildings — 1101 and 1144 West Fulton St. and 220 North Aberdeen St. — as part of a larger $27 million deal in April 2015. Later that year, in December, the firm bought the building at 112 North May St. for $7.7 million.
The May Street building, which is 30,000 square feet, is the largest property in the portfolio and half of the space is leased to Coates Group, a company that designs digital displays like the ones in McDonald’s drive-thru lanes. That lease will run through November 2029.
The Aberdeen building and the one at 1101 West Fulton are adjacent properties with some small office tenants and vacant ground-floor retail space.
The other Fulton Street property is a 23,000-square-foot building with three short-term tenants, but SVN is marketing the property as an opportunity for a single tenant. The parking lot at 351 North May St. is being marketed as a potential development site.
The properties are being marketed as a portfolio and SVN said it’s unlikely that the firm would be able to sell the properties individually.
[Crain’s] — Victoria Pruitt